V B Desai Financial Services Ltd (“Manager to the Offer”), on behalf of Motika Ltd (“Acquirer”) has issued this Public Announcement (“PA”) to the Shareholders of Shaily Engineering Plastics Ltd (“Target Company”), pursuant to and as required under Regulation 10 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as “SEBI(SAST)Regulations, 1997”) and subsequent amendments thereto.
The Offer:
The Acquirer is making an offer to the remaining equity shareholders of Target Company, to acquire 14,63,686 Equity Shares, representing 20% of the estimated voting paid-up equity share capital as at a price of Rs 56/- (Rupees Fifty Six Only) per fully paid up equity share payable in cash subject to the terms and conditions mentioned in the PA.
Schedule of Activities:
Specified Date – January 30, 2009.
Date of Opening of the Offer – February 24, 2009.
Date of Closing of the Offer – March 16, 2009.